Timeshare License Exam Questions With 100% Correct Answers Latest 2024 (Verified)

Timeshare License Exam Questions With 100% Correct Answers Latest 2024 (Verified) How long is a TSA license valid for? - Correct Answer-2 years If a timeshare AGENT initially becomes licensed on June 6, 2000, when will the license expire? - Correct Answer-June 30, 2002 (end of the month - 2 years later) If a timeshare REPRESENTATIVE initially becomes licensed on June 6, 2009, when will the license expire? - Correct Answer-June 30, 2010 (end of the month - 1 year later) An applicant for an original timeshare license MUST provide: - Correct Answer-An application, certificates for passing the examination and completing the 14 hour course, and $175 If a timeshare agent is served notice that the division has filed charges against him/her, he/she has how many days in which to file with the Division and answer to the charges? - Correct Answer-20 days A developer may NOT make a material change in the timeshare plan without giving the Division at LEAST how many days notice? - Correct Answer-10 days If the highest monthly total of deposits received by a project is $50,000 what is the amount of surety bond REQUIRED for the benefit of the purchasers? - Correct Answer- $50,000 What is a timeshare? - Correct Answer-A guaranteed reservation at the resort of your choice What is a fractional ownership? - Correct Answer-Ownership of an interval of 1 month to 1/2 year The value of an individual timeshare usually - Correct Answer-decreases in value An agreement between two or more parties is called - Correct Answer-a contract The following elements are necessary to create an agency relationship EXCEPT: - Correct Answer-consideration The following elements are necessary to create an agency relationship: - Correct Answer-perception of representation, understanding, and reliance Timeshare License Exam With 100% Correct Answers Latest 2023/2024 (Verified) Which of the following is NOT necessary to form a contract? - Correct Answerperformance Which of the following is necessary to form a contract? - Correct Answer-meeting of the minds, consideration, and competence The essential parts of a written contract include - Correct Answer-competent parties, mutual consent, consideration, and legal obligation Which statements MUST be printed above the purchaser's signature one in each contract for sale of a timeshare? - Correct Answer-The purchaser of a timeshare may cancel, by written notice, the contract of sale until midnight of the fifth calendar day. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract that is voidable by the purchaser. Developer Tyson has defaulted on his project. Which clause provides protection for prior purchasers? - Correct Answer-non-disturbance clause How would a prospective purchaser get the BEST deal on a timeshare? - Correct Answer-buy it from an existing owner The purchaser may cancel the transaction - Correct Answer-until midnight of the 5th calendar day after signing Escrow may NOT be closed until the - Correct Answer-1. buyer's check clears his bank 2. project is free and clear of any blanket encumbrances 3. cancellation period has expired Developer Douglas has submitted an application to the administrator for a permit to sell timeshares. The Division shall issue an order within how many days after the receipt of the application? - Correct Answer-30 days The administrator has scheduled an informal meeting to discuss certain sales practices at Douglas' promotional meetings. Which of the following is NOT true? - Correct Answer-1. Matters discussed or materials presented may be used in any subsequent formal hearings 2. May be tap recorded 3. Is lawful under NRS 119A 4. Mandates a judge or constable be present for the record CORRECT: Mandates a judge or constable be present for the record The sale of a timeshare interests in the State of Nevada is regulated under the provisions of - Correct Answer-Nevada revised statutes 119A MOST timeshare units are sold on credit. These lending arrangements MUST comply with Regulation Z of the Federal Reserve Board. The PRIMARY purpose of Regulation Z, as applied to timeshare sales, is to assure: - Correct Answer-Full disclosure of all financing costs and charges Full disclosure - Correct Answer-AKA truth and lending Federal Reserve Board's Regulation Z is applicable to - Correct Answer-Fees only, right to use only, campsite membership Financing of individual unit sales is MOST often provided by - Correct Answer-the developer Anyone purchasing timeshare MUST - Correct Answer-sign a written contract After a purchaser has signed the timeshare purchase agreement, the purchaser may - Correct Answer-cancel the agreement at any time in the next 5 days You have just completed making a timeshare sale. Your buyers go back to their hotel, and after dinner and a few cocktails, they have second thoughts about the purchase. Can they change their minds and get out of the deal? - Correct Answer-Yes, they have the right to revoke for any reason for 5 calendar days If the timeshare project is affiliated with a timeshare purchase agreement, the purchaser may - Correct Answer-pay any or all fees charged by the exchange plan for the first 2 years On what is the timeshare project developer responsible with regards to maintenance charges? - Correct Answer-All unsold timeshare units Nevada law REQUIRES all timeshare sales agents to: - Correct Answer-take 14 hours of continuing education every 2 years (correct: 6 hours of continuing education) All of the following statements are TRUE about an owners' association EXCEPT - Correct Answer-is formed primarily for the purpose of selling timeshare interests in the resort It is discovered that the title of a project is "un-merchantable" because an easement has been found which may NOT be removed. What should a timeshare sales agent do? - Correct Answer-Not attempt to sell a unit where the title is un merchantable Ted and Alice Lastly have arrived at their timeshare resort and produce the confirmed reservation for a unit. They are informed that the unit is NOT available. Ted goes through the roof, but Alice has read up on a Timeshare Owner's Rights in NEvada. She listens politely to the apologies of the desk clerk, then demands to see the representative of the owner's association, or if there is no representative, then the developer. Alice knows that they are entitled to all of the following EXCEPT: - Correct Answer-a full refund of their purchase price